Item 1.01 - Entry into a Material Definitive Agreement

The disclosure in Item 2.03 and Exhibit 99.1 of this report are incorporated herein by reference

Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On April 14, 2020, Perma-Fix Environmental Services, Inc. (the "Company") entered into a promissory note with PNC Bank, National Association ("PNC Bank"), in the amount of $5,666,300 under the Paycheck Protection Program (the "PPP Loan"). The Paycheck Protection Program ("PPP") was established under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration ("SBA"). PNC Bank is currently the Company's credit facility lender (the "Lender").

The PPP Loan is unsecured, with a term of two years and has interest rate of 1.00% per annum. Payment of accrued interest and principal shall be deferred for the first six months of the loan. The note evidencing the PPP Loan contains events of default relating to, among other things, payment defaults, breach of representations and warranties, and provisions of the promissory note.

Under the terms of the CARES Act, the Company can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds by the Company for eligible payroll costs, mortgage interest, rent and utility costs and the maintenance of employee and compensation levels for an eight-week period, beginning April 14, 2020, the date in which proceeds from the PPP Loan was disbursed to the Company by PNC Bank. At least 75% of such forgiven amount must be used for eligible payroll costs.

We currently intend that these funds will allow us to avoid having to furlough or layoff any eligible employees as a result of the Covid -19 pandemic, although there are no assurances that such will not be required.

The foregoing descriptions of the promissory note do not purport to be complete and are qualified in their entirety by reference to the full text of the promissory note attached to this Form 8-K as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 - Financial Statements and Exhibits





(d) Exhibits



  Exhibit        Description
  Number
  99.1             Payment Protection Program Term Note dated April 11, 2020, by
                 and between Perma-Fix Environmental Services, Inc. and PNC Bank,
                 National Association.

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